Avid Bioservices Inc (CDMO)

[biopharm]

Good question... but I'll give my opinion playbook.

1...Peregrine wants to Partner in order to be fully funded for several years to expand upon the Bavi platform which looks to be volume deep ( which is the reasoning behind them initiating all these IST's for multiple solid cancers and multiple trials all at once... they wouldn't do that if they didn't have confidence in the results )

2... They need at least 100 Million for a single Phase III ... but do they want to initiate a single phase III ? I think not... they want to expand this platform vertically... horizontally... and depth. Peregrine needs 300 M for this and they want money on the table in reserve as well. So 100M to do a single ph III ... x 100M for each solid cancer factor and lets keep 100M in the bank at all times.